Jobs to go at insurer Zurich

Wednesday 4 September 2002 23:00 BST

Zurich Financial, the Swiss insurance giant which owns Eagle Star and Allied Dunbar, crashed into the red by more than £1.3billion in the first half and is asking shareholders to raise up to £1.5billion to shore up its finances.

The group, which employs 70,000 worldwide, is to axe 4,500 jobs but gave no details on where the cuts will fall.

Chief executive James Schiro said he expects cost-cutting moves to boost profits by £639 million in 2003.